Saudi Arabia’s crude oil exports surged in June, reaching their highest level in more than a year. According to Kpler data, the kingdom increased its exports by 450,000 barrels per day (bpd) from May’s figures, bringing the total to 6.33 million bpd. This uptick occurred amidst concerns about potential supply disruptions due to ongoing conflicts in the Middle East.

The rise in exports is part of Saudi Arabia’s long-standing strategy to stabilize oil markets. The country has historically intervened in these markets to either increase oil supplies during disruptions or to reduce output when there is an oversupply. There is an expectation that exports may rise further in July, potentially approaching 7.5 million bpd, as indicated by Kpler data.

This increase in June coincided with a decision by the OPEC+ producer group to raise its oil output quotas by 411 000 bpd. The rising exports are also seen as an effort by Saudi Arabia and OPEC+ to regain market share after several years of production cuts, especially in light of concerns related to conflicts involving Israel and Iran, along with U.S. military actions targeting Iranian nuclear facilities.